anybody who says this and believes in that, has not understood what decentralized cryptocurrency means. bitcoin doesn't need saving, and AML KYC is not going to solve anything in the altcoin shitshow market either.
as for bitcoin it will continue operating and be adopted more and more even without government intervention. because that is exactly what bitcoin is designed to do and that is the main reason why it was created in first place.
as for altcoins, the scams will continue to happen, the shitcoins will continue to be created and the fund raising shenanigans will repeat with different names such as IEO, GSIO (government sanctioned initial offering) while scamming people all the same.
the only thing AML does is help government have more information what people do with their money and also tax them on it. nothing else.
Topic: Stronger AML Enforcement Might Actually Save Crypto - page 2. (Read 601 times)
I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
they are in it for the money they can generate from selling out their data mining and analysis I feel what they are doing is more like invasion on people's privacy, similar to what google does on its users' online activities
what governments want is the ability to control cryptocurrency, also to know who and what people do with crypto
I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
Who wants to make the government feel better? Satoshi doesn't. Dissolves the entire point of holding crypto. You either run decentralized & anonymous or pay taxes and get tracked. I choose the obvious one. there's such a stark contrast between old school bitcoiners and these get-rich-quick late adopters. the second group is just greedy and desperate for prices to rise, either so they can recover from 2018's losses or so they can get rich quick. they don't give a shit about decentralization or privacy. so they're happy to cheer on the rise of blockchain analysis companies because they think it means government legitimacy = price pump.
where have all the cypherpunks gone?
https://www.forbes.com/sites/yayafanusie/2019/05/29/stronger-aml-enforcement-might-actually-save-crypto/?utm_content=92934236&utm_medium=social&utm_source=twitter&hss_channel=tw-3972254294#73d10bfb7e78
Saw this article today and made me really think about this topic. What are your thoughts?
I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
I think that the more regulatory policies introduced the better! I'm just happy to be at the fulcrum of the Bitcoin movement. Clearly the more the governments accept Bitcoin, the higher the price will rise and the less volatile the market will become.Saw this article today and made me really think about this topic. What are your thoughts?
I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
For those that think regulation is bad, surely they are sadly mistaken, but not without reasonable doubt. Freedom without order is anarchy, as order without freedom is tyranny. When the freedom of cryptocurrencies converge with the order of governmental regulations, everyone profits. As long as the order doesn't stifle the innovation.
KYC is a scam. Not even if I buy a car I need KYC now here everything needs KYC for what reason?
KYC is being abused and is not helping. Stop believing these lies articles. If telling people where you live is ok then ok can I have your KYC? I just start an ICO tomorrow and demand KYC and money.
It doesn't even make sense since most projects fail or are scams and never even get to the part they have to worry about the law. Maybe they should run a decent project before they worry about the law?
Like maybe stop scamming...
KYC is being abused and is not helping. Stop believing these lies articles. If telling people where you live is ok then ok can I have your KYC? I just start an ICO tomorrow and demand KYC and money.
It doesn't even make sense since most projects fail or are scams and never even get to the part they have to worry about the law. Maybe they should run a decent project before they worry about the law?
Like maybe stop scamming...
Stricter regulations won't save crypto. Admit it or not, no matter how tight security is against scammers and money launderers, they can still find a way to get bsck and do their nefarious activities all over again. It's a part of the community already, and the only way to combat this is to educate people harder against some scams in the making. Always remember that prevention is better than cure, and for crypto, the cure is almost impossoble to acquire once the damage has been done.
Crypto doesn't need any saving in that sense, it's not going to disappear simply because of scammers in the ecosystem - it's simply a tradeoff between freedom and regulation. Scams are actually less impactful now, because crypto economy became bigger, so an exit scam of one business won't shake the whole economy, like it was in the past, and for bigger businesses it's much better to play fair and aim for the long run. Regulation mostly comes because crypto can become a major part of money laundering schemes.
Saw this article today and made me really think about this topic. What are your thoughts?
Would you like paying taxes and get tracked for every satoshi that you own? That is what these services are planning to do "Impress the Governments"I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
Who wants to make the government feel better? Satoshi doesn't. Dissolves the entire point of holding crypto. You either run decentralized & anonymous or pay taxes and get tracked. I choose the obvious one. Anti money Laundering enforcement is the sure way to track down all the bad guys that has bring crypto down. With a strong AML enforcement set by all government to track down crypto users, it might reduce the scam and trace all the money hacked or stolen through false crypto projects.
Lol. The bad guys are part of the 1% club in crypto. In order to hit these bad guys you want to punish the good guys accounting for the other 99%?
If people weren't so naive and stupid, scams would be way less of a thing. Most scams can be prevented simply by having people use common sense. If something looks too good to be true, it mostly is. The potential 'gain' there is to make isn't worth the risk/reward ratio. It offers odds worse than a casino where most people lose anyway. You think you can beat that? Think again.
Let's say everyone wanted to go through the KYC procedure.But what can you say about anonymous cryptocurrencies? Can you destroy them or decrease their demand?
Anti money Laundering enforcement is the sure way to track down all the bad guys that has bring crypto down. With a strong AML enforcement set by all government to track down crypto users, it might reduce the scam and trace all the money hacked or stolen through false crypto projects.
Stricter regulations won't save crypto. Admit it or not, no matter how tight security is against scammers and money launderers, they can still find a way to get bsck and do their nefarious activities all over again. It's a part of the community already, and the only way to combat this is to educate people harder against some scams in the making. Always remember that prevention is better than cure, and for crypto, the cure is almost impossoble to acquire once the damage has been done.
Even with the existence of KYC, the government will still hate cryptocurrency because it's a big threat for them. We all know that they don't want financial freedom and they want to regulate crypto. Kyc will not be a reason enough to save crypto because it couldn't even give us the security that we're all asking for.
I feel like the KYC and AML companies such as Ciphertrace and Refinitiv are really helping with regulations and making governments feel better about crypto
Nah, there are governments who brutally hates crypto and even though there are companies that who are trying to track down everything, they won't give a s**t. On the other hand, do we really need regulations to really curb out scammers in the ecosystem? Would it be better if we could use our common sense before investing on something? If there are AML/KYC would it make any difference at all?
Despite all the security measures offered by cryptocurrency, the government would still reject it. The government would always be an antagonist and would stay firm in ignoring it. KYC couldn't make the government accept crypto. It will always be against it as long as they couldn't manipulate it.
I think the article is making things too dramatic:
I think it might be okay to impose KYC procedures on people with very significant amounts of money, but the cause definitely does not justify keeping track of every transaction and the identity behind it.
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Cryptocurrency enthusiasts need to decide if they want this technology to be solely for a minority of ultra-libertarians and other ideologues who are willing to take the arduous steps currently needed to navigate the user-unfriendly crypto space. Or, do they want the broader public and merchants worldwide to start using cryptocurrencies?
Well, how about none of these options? How about banks and governments losing their power over our financial freedom so that Bitcoin can be for everyone? Okay, I get it, financing terrorism and laundering money are bad. But you know what? Banks are regularly caught in money laundering scandals, and governments finance terrorists in some situations. Moreover, both exist as issues with fiat as well, even though fiat is rather controlled. Or what, shouldn't they ban all cash, then, because people can use it anonymously?I think it might be okay to impose KYC procedures on people with very significant amounts of money, but the cause definitely does not justify keeping track of every transaction and the identity behind it.
Well, governments can't keep ignoring crypto forever, especially if it's expanding, so there's really only 2 options - they ban it or they regulate it. I wouldn't want to see crypto banned, it would make things harder for us all, we'd have to use shady exchanges or risk trading p2p with strangers, banks would freeze our accounts if they'd find that we use crypto, and I won't even start talking about legal problems.
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If you think that you can easily perform transactions, that are legaly controlled by the government, by just using cryptocurrencies then you are probably the one who is not in line with reality.
Who ask for transactions legally controlled by govt. Surely not me.Quote
Without this legal stuff cryptocurrencies won't get any volume.
How the volume comes since the years?Same thing is also related to normal fiat services.
I also think that it helps governments feel better about it, since regulations is one is the most important things that decide if something is official or not.
I personally don't like those verification steps too much because i feel like they are lacking. For now, they are enough though. But having some ideas to implement more effective methods in the future would be a really nice thing.
I personally don't like those verification steps too much because i feel like they are lacking. For now, they are enough though. But having some ideas to implement more effective methods in the future would be a really nice thing.
Yes but guess what? Scams will still exist, hey will use another business scam model. Anyone can create a website.
Do we have less scam with fiats since the last 2 decades overloaded with many regulations as possible? Nope, how it could be different to Bitcoin?
Look at the examples you posted, why create a regulation/law to punish someone scamming. If you scam, you scam, no need to create a new law for each item stolen.
Do we have less scam with fiats since the last 2 decades overloaded with many regulations as possible? Nope, how it could be different to Bitcoin?
Look at the examples you posted, why create a regulation/law to punish someone scamming. If you scam, you scam, no need to create a new law for each item stolen.
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If you think that you can easily perform transactions, that are legaly controlled by the government, by just using cryptocurrencies then you are probably the one who is not in line with reality.
Who ask for transactions legally controlled by govt. Surely not me.Quote
Without this legal stuff cryptocurrencies won't get any volume.
How the volume comes since the years? People are praying for KYC-AML and any kind of regulation thinking it will help for mass adoption.
It seems like we are using different bitcoins lol. From what I see everyone is crying every time some project is asking for their useless ID. Thousands of normal (and probably retarded) users refuse to invest in ICOs with KYC because they are afraid for their "private data".Bitcoin was created to avoid all these limits but since some years people want it back as if they liked having a leash.
Without this legal stuff cryptocurrencies won't get any volume. F**k that, Bitcoin can become a popular alternative currency without stupid laws, not in line with reality. It's just helping the Finance to infest us.
If you think that you can easily perform transactions, that are legaly controlled by the government, by just using cryptocurrencies then you are probably the one who is not in line with reality. Jump to: